Good morning.
The world is “awash” with capital looking for a home, says L&G boss Nigel Wilson. But Britain’s planning rules are among the barriers preventing “an investment-led recovery”.
Meanwhile, shares in IWG suffered their biggest one-day fall in 12 months after underwhelming half-year results failed to convince investors. Until yesterday analysts had been predicting full-year profits of £73m. Now they are expecting a £20m loss.
Abrdn also swung to a loss in the first six months of the year, as it posted a pre-tax loss of £320m.
And WSP Global is continuing its expansion, agreeing to buy environmental consultant RPS Group for £591m, a 76% premium on the share price.
O&H has won permission for a third set of plans for its Mayfair site. A trio of mixed-use buildings totalling 215,600 sq ft will now rise between Grafton Street and the southern end of New Bond Street. It was previously granted permission for an LVMH hotel in a scheme worth £500m.
Westminster Council has also raised a glass to Diageo’s plans for a £73m Guinness microbrewery in Seven Dials, WC2. The 50,000 sq ft scheme will also include a bar, restaurant and event space.
Meanwhile, Dominvs Group has received planning from Ealing Council for a £35.5m resi-led mixed-use redevelopment of The Green in Southall.
The Bank of England is “more likely than not” to raise interest rates further, says its deputy governor.
And plans to house 1,500 asylum seekers in a former RAF base in North Yorkshire have been abandoned.
And finally, Domino’s has pulled out of Italy after seven years, after failing to convince Italians that it knows how to make a pizza. As recently as 2020 the US chain claimed it would have 850 stores in Italy, giving it a 2% slice of the market. As the Italians might say: “Non succederà!”
